European banks slide after ECB cuts rates

|About: Lloyds Banking Group plc (LYG)|By:, SA News Editor

European banks slide after ECB cuts interest rates by 10 bps and launches a €20B stimulus package aimed at softening an economic slowdown.

In U.S. pre-market trade: LYG -3.5%, DB -3.1%, RBS -2.2%, UBS -2.1%, BCS -2%, SAN -1.7%, CS -1.7%.

European bourses are modestly higher, however, with France's CAC +0.5%, Germany's DAX +0.4% and U.K.'s FTSE +0.1%.

ETFs: EUFN, IXG, EUFL

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